Oil Price Drop Threatens Obama Clean Energy Plans
“The benefits of cheap oil may come at a steep price for President Barack Obama’s climate-change initiatives,” Bloomberg reports.
“Some of Obama’s most cherished achievements — cars on the road that burn less gasoline, reductions in greenhouse gases and a plan to cut emissions from power plants — are at risk as plummeting energy prices thwart policies meant to force the nation to think greener.”
“Last year’s 33 percent drop in gasoline prices already has automakers laying the groundwork to challenge more stringent fuel economy targets for new cars. The oil industry says a decline in its oil revenue means it can’t afford new climate regulations. Even solar-equipment makers are seeing share prices fall on fears inexpensive natural gas will erode demand.”